2009/04/15 Council Agenda Packet

J are not legally required or economically sound, and that will not properly and advantageously contribute to the conduct of the business of the System in an efficient manner. (j) Collection of Delinquent Accounts. The City will, on or before April 1 of each calendar year, determine all accounts that are delinquent and will take all necessary action to enforce payment of such accounts including real`property foreclosure actions pursuant to RCW Chapter 35.67, as amended, or its successor statute, if any, against those property owners whose accounts are delinquent. (k) Collection and Application of ULID Assessments. All ULID Assessments shall be paid into the Revenue Bond Fund and shall be used to pay and secure the payment of the principal of and interest on the Parity Bonds. Nothing in this ordinance or this section shall be construed to prohibit the City from issuing water, sewer or water and sewer revenue bonds junior in lien to the Bonds and pledging as security for their payment assessments levied in any ULID which may have been specifically created to pay part of the cost of improvements to the System for which those junior lien bonds were specifically issued. (1) Collection of Delinquent ULID Assessments. The City will, on or before April 1 of each calendar year, determine all ULID Assessments or installments thereof that are delinquent and will take all necessary action to enforce payment of such ULID Assessments, including real property foreclosure actions pursuant to RCW Chapter 35.50, as amended, or its successor statute, if any, against the property owners whose ULID Assessments are delinquent. Section 10. Issuance of Future Parity Bonds. (a) Conditions to the issuance of Future Parity Bonds prior to the New Covenant Date. The City hereby further covenants and agrees with the owner and holder of the Bonds for as long as the same remains outstanding that the City will not issue any bonds or other Cu -46- P:\20287_CMWM20287 880 03/25/09